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Strategy Fads and Competitive Convergence: An Empirical Test for Herd Behavior in Prime-Time Television Programming

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  • Kennedy, Robert E
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    Abstract

    The economics literature contains many theoretical analyses of imitation and differentiation strategies but relatively few empirical studies of these topics. This paper aims to address that shortcoming. I analyze program introductions by television networks and then compare the payoffs to imitative and differentiated introductions. The analysis indicates that the networks imitate each other when introducing new programs and that, on average, imitative introductions underperform differentiated introductions. These results are consistent with theoretical models of herd behavior but are difficult to explain using standard models of spatial competition or the possibility of omitted variable bias. Copyright 2002 by Blackwell Publishing Ltd

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Journal of Industrial Economics.

    Volume (Year): 50 (2002)
    Issue (Month): 1 (March)
    Pages: 57-84

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    Handle: RePEc:bla:jindec:v:50:y:2002:i:1:p:57-84

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    Cited by:
    1. Ivan Pastine & Tuvana Pastine, 2006. "Signal Accuracy and Informational Cascades," Working Papers 200620, School Of Economics, University College Dublin.
    2. Bogaçhan Çelen & Shachar Kariv, 2004. "Distinguishing Informational Cascades from Herd Behavior in the Laboratory," American Economic Review, American Economic Association, vol. 94(3), pages 484-498, June.
    3. Dominic Rohner & Anna Winestein & Bruno S. Frey, 2006. "Ich bin auch ein Lemming: Herding and Consumption Capital in Arts and Culture," CREMA Working Paper Series 2006-05, Center for Research in Economics, Management and the Arts (CREMA).
    4. Ivan Pastine & Tuvana Pastine, 2006. "Social Learning in Continuous Time - When are Informational Cascades More Likely to be Inefficient?," Working Papers 200621, School Of Economics, University College Dublin.

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